^ no kidding. Any deals submit prior to May 1 are not applicable to the outrageous change. Something like $5 a month on a 300k property with 5% down.
Just received an email from a mortgage broker that states they plan on reviewing the rates every Q1. As it sits right now it has been 20+ years since the last change.
I wonder if this is a plan to raise rates higher over the span of 5 years?
Not quite. From the article:
Quote:
CMHC had not raised its prices since the late 1990s, and actually lowered them between 2003 and 2005.
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Why is everyone freaking out so much? As pointed out earlier on a 5% down 400k mortgage it is only 1500 difference. With refinancing going forward as well you only have to pay the difference between what you originally had insured and the new amount.
All this move comes down to is CMHC wants to make more money so they increased rates. We live in a capitalist society they can do that if they want to. If you don't like it save 20% and don't use their services or hope that one of their competitors offers lower rates and use them.
So what are they trying to accomplish? Attempting to get the 5% down folks to make damn sure they have 15% equity when it's time to renew and get people away from constant refinancing of their houses into the 86 to 95% range?
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